The chairwoman of the Federal Reserve Bank of San Francisco is doing well amid a period of high inflation, but she acknowledged that others are not so fortunate.
President Mary Daly gave an interview to Reuters on Wednesday to explore the continuing rise in inflation and its impact on low-income families.
Lecturer Lindsey Dunsmuir asked Daly if she personally suffers from the negative effects of inflation in the US economy. Daly replied that she, in fact, “no longer felt the pain of inflation.”
“I no longer feel the pain of inflation,” Daly said in the interview, which was broadcast on Twitter. “I see prices go up, but I have enough to be able to make substitutions.”
The average American worker lost $3,400 in annual under-give wages thanks to inflation
Daly continued, “I am not immune to rising gas prices, rising food prices; sometimes I hold back the price of things, but I don’t find myself in a place where I have to make trade-offs, because I have had enough.”
“More and more Americans have had enough,” she added.
She continued, “But I regularly see—and get a sense of how you feel—when you don’t have that situation. When you live near the edge of your income, raising prices actually forces real trade-offs.”
Daly went on to give an example of the people she thinks are affected by inflation — specifically, families who should cut back on their vacation.
“You might not be able to go to the vacation you want,” Daly said. “You might instead end up camping or setting up a boarding house.” “Or what you used to eat outside, eat at your hotel because you really can’t get there and then go out to dinner as soon as you get to the hotel. And I see it all.”
Fed officials point to higher interest rates in the future, despite rising risks of a recession
President Biden has reiterated that addressing rising inflation is his top priority.
Biden has claimed he does not believe the United States will enter a recession in the near future, and his administration – including White House press secretary Karen Jean-Pierre and economic adviser Brian Daisy – are deny now That the US is in recession, despite severe inflation.
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Biden announced The top priority of managing it Price increases were “under control” earlier this month after the Labor Department reported that inflation had risen 9.1% over the past 12 months.
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The president also passed the Inflation Reduction Act, a bill that would increase tax revenue by $739 billion while trying to lower drug prices and invest in a wide range of clean energy programs.
“This is the action the American people have been waiting for,” Biden said after the senator announced the bill. Joe Manchin, DW.Va. , Wednesday. “This addresses the problems of today – rising healthcare costs and overall inflation – as well as investments in our energy security for the future.”
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